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Debt limit settled until March 2015

Feb. 18, 2014 - The president on Saturday signed a "clean" debt limit bill cleared by the House and Senate last week allowing the government to continue borrowing money to fund operations until March 2015, and in time to prevent a federal government shutdown.

The Senate last Wednesday approved the House-passed bill by a vote of 55-43 after Senate Minority Leader Mitch McConnell, R-Ky., and a number of other Republicans joined Democrats in a 67-31 vote to stop a filibuster. The Republican-controlled House passed the bill the night before, voting 221-201.

Sen. Ted Cruz, R-Texas, was behind the filibuster attempt before the procedural vote. Cruz is known for his Tea Party leanings and attempt to defund the Affordable Care Act last fall that helped stall action on a continuing resolution to keep government operations going.

"I'm pleased that Republicans and Democrats in Congress have come together to pay for what they've already spent, and remove the threat of default from our economy once and for all," the president said in a statement following Wednesday's Senate vote. He added that he hoped "this puts an end to politics by brinkmanship."